Can analytics build trusted customer relationships in banking?

Trust has always been central to the relationship

In this installment of the Trusted Analytics series, KPMG’s John Hall and Mitch Siegel explore the symbiotic relationship between customers, trust and analytics in banking and find that banks may need to reassess the way they ensure trust in analytics.

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Trust has always been central to the relationship between a bank and its customers. And today, data and analytics offers banks an inherent opportunity to create value and build trust.

Yet as analytics moves from the back office to the front line, banks will need to ensure that they trust their analytics to ‘do the right thing’ for customers, shareholders and regulators.

Indeed, just as banks need their employees to act with integrity, they also need their decision engines and algorithms to act with integrity.

In this installment of the Trusted Analytics series, KPMG’s John Hall and Mitch Siegel explore the symbiotic relationship between customers, trust and analytics in banking and find that banks may need to reassess the way they ensure trust in analytics.

“Analytics are typically treated as a ‘black box’ whereas, in reality, organizations need to start thinking about their analytics as independent entities unto themselves; as critical intermediaries between the stakeholders and the organization." – Mitch Siegel, Principal, Financial Services, KPMG in the US